Old National Selling Two Branches
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowEvansville-based Old National Bancorp (Nasdaq: ONB) is planning to unload two Indiana branches. MainSource Financial Group Inc. (Nasdaq: MSFG) in Greensburg plans to acquire an Old National location in Hope and Madison-based River Valley Bancorp (Nasdaq: RIVR) says it will purchase a branch in Osgood. September 5, 2013
News Release
GREENSBURG, Ind. – MainSource Bank, Greensburg, Indiana: Archie M. Brown, Jr., President and Chief Executive Officer of MainSource Financial Group, announced today that MainSource Bank has entered into a definitive agreement to purchase certain assets from Old National Bank (ONB) including its branch in Hope, Indiana. The purchase includes the existing branch location at 8475 North State Road 9 in Hope, Indiana, as well as approximately $4 million in loans and approximately $25 million in deposits. Also included in the agreement are the deposits associated with Old National Bank’s Greensburg, Indiana location. The transaction remains subject to the receipt of regulatory approvals and the satisfaction of customary closing conditions. Subject to these conditions, the branch purchase is expected to be completed in December of 2013. MainSource Bank currently operates four full service offices in Bartholomew County as well as offices in the surrounding counties of Shelby, Johnson and Decatur.
Mr. Brown stated, “This acquisition is a strategic opportunity for MainSource Bank to extend our service to all areas of Bartholomew County. Hope provides a natural extension of our footprint and will provide an added benefit for customers in the Bartholomew, Decatur and Shelby county markets. In addition, it allows the residents of Hope and surrounding areas to continue banking in their local community while having the convenience of additional MainSource Bank locations in close proximity. We believe this acquisition demonstrates our commitment to our local communities and we look forward to serving the residents and businesses of Hope.”
MainSource Financial Group is listed on the NASDAQ National Market (under the symbol: “MSFG”) and is a community-focused, financial holding company with assets of approximately $2.8 billion. The Company operates 72 full-service offices throughout Indiana, Illinois, Kentucky and Ohio through its banking subsidiary, MainSource Bank, headquartered in Greensburg, Indiana. Through its non-banking subsidiary, MainSource Title LLC, the Company provides various related financial services.
Old National Bancorp (NASDAQ: ONB), the parent company of Old National Bank, is the largest financial services holding company headquartered in Indiana with $9.6 billion in assets. Since its founding in Evansville in 1834, Old National has focused on community banking by building long-term, highly valued partnerships with clients in its primary footprint of Indiana, Illinois, Kentucky and Michigan. In addition to providing extensive services in retail and commercial banking, wealth management, investments and brokerage, Old National also owns Old National Insurance.
Source: MainSource Financial Group
News Release
MADISON, Ind.- River Valley Bancorp (NASDAQ:RIVR), an Indiana corporation (the “Corporation”) and holding company for River Valley Financial Bank (the “Bank”) based in Madison, Indiana, announced today that the Bank has signed an agreement with Old National Bank (“ONB”) under which the Bank will acquire the deposit relationships, real estate, and fixed assets of ONB's branch office in Osgood, Indiana. The Bank will pay the net book value of the real estate, fixed assets, and personal property acquired and assume deposits of the branch customers at closing. The transaction is subject to regulatory approval and customary closing conditions and is expected to close in the fourth quarter of 2013.
Matthew P. Forrester, the Bank’s President and CEO, stated that he is pleased with the opportunity to provide River Valley Financial Bank’s full-service personal and business banking in Osgood, Indiana, and surrounding communities. “The acquisition of the Osgood branch will complement our existing branch network and fits into our banking philosophy of serving local communities. We are excited to be establishing an office in Ripley County, Indiana.”
River Valley Bancorp and River Valley Financial Bank operate from headquarters in Madison, Indiana. River Valley Bank has twelve locations in Madison, Hanover, Charlestown, Sellersburg, Floyds Knob, New Albany, Seymour, Dupont and North Vernon, Indiana. Another office is located in Carrollton, Kentucky.
Source: River Valley Bancorp